INDEPENDENT BANK CORP/MA(NASDAQ:INDB) stock Fundamental Analysis

Fundamental Rating

We assign a fundamental rating of 4 out of 10 to INDB. INDB was compared to 398 industry peers in the Banks industry. While INDB seems to be doing ok healthwise, there are quite some concerns on its profitability. INDB has a correct valuation and a medium growth rate. INDB also has an excellent dividend rating.

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1. Profitability

1.1 Basic Checks

In the past year INDB was profitable.

In the past year INDB had a positive cash flow from operations.

Each year in the past 5 years INDB has been profitable.

INDB had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

INDB has a better Return On Assets (0.99%) than 66.33% of its industry peers.

INDB has a worse Return On Equity (6.42%) than 66.83% of its industry peers.

		Industry Rank	Sector Rank
ROA	0.99%
ROE	6.42%
ROIC	N/A

ROA(3y)1.2%

ROA(5y)1.02%

ROE(3y)7.94%

ROE(5y)6.99%

ROIC(3y)N/A

ROIC(5y)N/A

1.3 Margins

The Profit Margin of INDB (27.85%) is better than 77.14% of its industry peers.

In the last couple of years the Profit Margin of INDB has declined.

INDB does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.

		Industry Rank	Sector Rank
OM	N/A
PM (TTM)	27.85%
GM	N/A

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y5.31%

PM growth 5Y-3.04%

GM growth 3YN/A

GM growth 5YN/A

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

INDB does not have a ROIC to compare to the WACC, probably because it is not profitable.

Compared to 1 year ago, INDB has less shares outstanding

Compared to 5 years ago, INDB has more shares outstanding

The debt/assets ratio for INDB has been reduced compared to a year ago.

2.2 Solvency

The Debt to FCF ratio of INDB is 0.30, which is an excellent value as it means it would take INDB, only 0.30 years of fcf income to pay off all of its debts.

The Debt to FCF ratio of INDB (0.30) is better than 86.93% of its industry peers.

A Debt/Equity ratio of 0.02 indicates that INDB is not too dependend on debt financing.

Looking at the Debt to Equity ratio, with a value of 0.02, INDB belongs to the top of the industry, outperforming 86.18% of the companies in the same industry.

		Industry Rank	Sector Rank
Debt/Equity	0.02
Debt/FCF	0.3
Altman-Z	N/A

ROIC/WACCN/A

WACC12.96%

2.3 Liquidity

		Industry Rank	Sector Rank
Current Ratio	N/A
Quick Ratio	N/A

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

INDB shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -13.32%.

The Earnings Per Share has been decreasing by -4.31% on average over the past years.

INDB shows a decrease in Revenue. In the last year, the revenue decreased by -1.52%.

The Revenue has been growing slightly by 6.29% on average over the past years.

EPS 1Y (TTM)-13.32%

EPS 3Y-4.78%

EPS 5Y-4.31%

EPS Q2Q%-5.36%

Revenue 1Y (TTM)-1.52%

Revenue growth 3Y10.77%

Revenue growth 5Y6.29%

Sales Q2Q%6.37%

3.2 Future

Based on estimates for the next years, INDB will show a very strong growth in Earnings Per Share. The EPS will grow by 24.01% on average per year.

Based on estimates for the next years, INDB will show a very strong growth in Revenue. The Revenue will grow by 21.93% on average per year.

EPS Next Y19.37%

EPS Next 2Y24.01%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next Year16.59%

Revenue Next 2Y21.93%

Revenue Next 3YN/A

Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.

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4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 12.93, the valuation of INDB can be described as correct.

Compared to the rest of the industry, the Price/Earnings ratio of INDB is on the same level as its industry peers.

INDB is valuated cheaply when we compare the Price/Earnings ratio to 28.79, which is the current average of the S&P500 Index.

With a Price/Forward Earnings ratio of 8.29, the valuation of INDB can be described as very reasonable.

INDB's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. INDB is cheaper than 73.12% of the companies in the same industry.

Compared to an average S&P500 Price/Forward Earnings ratio of 21.38, INDB is valued rather cheaply.

		Industry Rank	Sector Rank
PE	12.93
Fwd PE	8.29

4.2 Price Multiples

INDB's Price/Free Cash Flow is on the same level as the industry average.

		Industry Rank	Sector Rank
P/FCF	11.81
EV/EBITDA	N/A

4.3 Compensation for Growth

INDB's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.

INDB's earnings are expected to grow with 24.01% in the coming years. This may justify a more expensive valuation.

PEG (NY)0.67

PEG (5Y)N/A

EPS Next 2Y24.01%

EPS Next 3YN/A

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5. Dividend

5.1 Amount

INDB has a Yearly Dividend Yield of 4.04%, which is a nice return.

INDB's Dividend Yield is a higher than the industry average which is at 3.54.

Compared to an average S&P500 Dividend Yield of 2.47, INDB pays a better dividend.

		Industry Rank	Sector Rank
Dividend Yield	4.04%

5.2 History

The dividend of INDB has a limited annual growth rate of 5.56%.

INDB has been paying a dividend for at least 10 years, so it has a reliable track record.

INDB has not decreased their dividend for at least 10 years, which is a reliable track record.

Dividend Growth(5Y)5.56%

Div Incr Years14

Div Non Decr Years30

5.3 Sustainability

50.08% of the earnings are spent on dividend by INDB. This is a bit on the high side, but may be sustainable.

INDB's earnings are growing more than its dividend. This makes the dividend growth sustainable.

DP50.08%

EPS Next 2Y24.01%

EPS Next 3YN/A

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INDEPENDENT BANK CORP/MA

NASDAQ:INDB (4/25/2025, 8:15:49 PM)

After market: 58.04 0 (0%)

58.04

-0.32 (-0.55%)

Chartmill FA Rating

GICS SectorFinancials

GICS IndustryGroupBanks

GICS IndustryBanks

Earnings (Last)04-17 2025-04-17/amc

Earnings (Next)07-16 2025-07-16/amc

Inst Owners85.88%

Inst Owner Change-0.16%

Ins Owners0.82%

Ins Owner Change3.42%

Market Cap2.47B

Analysts80

Price Target74.97 (29.17%)

Short Float %3.46%

Short Ratio4.2

Dividend

		Industry Rank	Sector Rank
Dividend Yield	4.04%

Yearly Dividend2.25

Dividend Growth(5Y)5.56%

DP50.08%

Div Incr Years14

Div Non Decr Years30

Ex-Date03-31 2025-03-31 (0.59)

Surprises & Revisions

EPS beat(2)1

Avg EPS beat(2)-2.05%

Min EPS beat(2)-6.14%

Max EPS beat(2)2.05%

EPS beat(4)2

Avg EPS beat(4)-0.56%

Min EPS beat(4)-6.14%

Max EPS beat(4)6.39%

EPS beat(8)4

Avg EPS beat(8)-1.47%

EPS beat(12)7

Avg EPS beat(12)-0.37%

EPS beat(16)11

Avg EPS beat(16)4.78%

Revenue beat(2)0

Avg Revenue beat(2)-1.48%

Min Revenue beat(2)-1.67%

Max Revenue beat(2)-1.29%

Revenue beat(4)0

Avg Revenue beat(4)-1.88%

Min Revenue beat(4)-3.54%

Max Revenue beat(4)-1.01%

Revenue beat(8)0

Avg Revenue beat(8)-2.08%

Revenue beat(12)3

Avg Revenue beat(12)-1.57%

Revenue beat(16)4

Avg Revenue beat(16)-1.18%

PT rev (1m)0%

PT rev (3m)0.64%

EPS NQ rev (1m)-0.43%

EPS NQ rev (3m)-0.65%

EPS NY rev (1m)-0.19%

EPS NY rev (3m)1%

Revenue NQ rev (1m)0.01%

Revenue NQ rev (3m)1.05%

Revenue NY rev (1m)0%

Revenue NY rev (3m)7.43%

Valuation

		Industry Rank	Sector Rank
PE	12.93
Fwd PE	8.29
P/S	3.59
P/FCF	11.81
P/OCF	10.76
P/B	0.83
P/tB	1.24
EV/EBITDA	N/A

EPS(TTM)4.49

EY7.74%

EPS(NY)7

Fwd EY12.06%

FCF(TTM)4.92

FCFY8.47%

OCF(TTM)5.4

OCFY9.3%

SpS16.19

BVpS70.24

TBVpS46.84

PEG (NY)0.67

PEG (5Y)N/A

Profitability

		Industry Rank	Sector Rank
ROA	0.99%
ROE	6.42%
ROCE	N/A
ROIC	N/A
ROICexc	N/A
ROICexgc	N/A
OM	N/A
PM (TTM)	27.85%
GM	N/A
FCFM	30.37%

ROA(3y)1.2%

ROA(5y)1.02%

ROE(3y)7.94%

ROE(5y)6.99%

ROIC(3y)N/A

ROIC(5y)N/A

ROICexc(3y)N/A

ROICexc(5y)N/A

ROICexgc(3y)N/A

ROICexgc(5y)N/A

ROCE(3y)N/A

ROCE(5y)N/A

ROICexcg growth 3YN/A

ROICexcg growth 5YN/A

ROICexc growth 3YN/A

ROICexc growth 5YN/A

OM growth 3YN/A

OM growth 5YN/A

PM growth 3Y5.31%

PM growth 5Y-3.04%

GM growth 3YN/A

GM growth 5YN/A

F-Score5

Asset Turnover0.04

Health

		Industry Rank	Sector Rank
Debt/Equity	0.02
Debt/FCF	0.3
Debt/EBITDA	N/A
Cap/Depr	49.98%
Cap/Sales	2.96%
Interest Coverage	N/A
Cash Conversion	N/A
Profit Quality	109.06%
Current Ratio	N/A
Quick Ratio	N/A
Altman-Z	N/A

F-Score5

WACC12.96%

ROIC/WACCN/A

Cap/Depr(3y)50.27%

Cap/Depr(5y)54.76%

Cap/Sales(3y)2.72%

Cap/Sales(5y)3.15%

Profit Quality(3y)123.13%

Profit Quality(5y)109.73%

High Growth Momentum

Growth

EPS 1Y (TTM)-13.32%

EPS 3Y-4.78%

EPS 5Y-4.31%

EPS Q2Q%-5.36%

EPS Next Y19.37%

EPS Next 2Y24.01%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)-1.52%

Revenue growth 3Y10.77%

Revenue growth 5Y6.29%

Sales Q2Q%6.37%

Revenue Next Year16.59%

Revenue Next 2Y21.93%

Revenue Next 3YN/A

Revenue Next 5YN/A

EBIT growth 1YN/A

EBIT growth 3YN/A

EBIT growth 5YN/A

EBIT Next YearN/A

EBIT Next 3YN/A

EBIT Next 5YN/A

FCF growth 1Y-19.78%

FCF growth 3Y8.28%

FCF growth 5Y0.94%

OCF growth 1Y-16.99%

OCF growth 3Y6.53%

OCF growth 5Y1.21%

INDEPENDENT BANK CORP/MA (INDB) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

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